Help! I need the remaining income and (number 2) The partnership of Angel Invest

Question

Help! I need the remaining income and (number 2) The partnership of Angel Investor Associates began operations on January 1, 2012, with contributions from two partners as follows: The following additional partner transactions took place during the year: 1. In early January, Lance McGinnis is admitted to the partnership by contributing $50,000 cash for a 20% interest. 2. Net income of $250,000 was earned in 2012. In addition, Scott Wilson received a salary allowance of $45,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting McGinnis. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.

Explanation / Answer

PLZ RATE ME LIFESAVER.... look, the third person investment was 50,000$ at an interest of 20%, which is to be calculated per annum.. calculating his profits of the year we can get to 20% of 50K is 10,000$.. the capital amount of 50,000$ is still present... therefore his earnings is 10K, increase is 10K and half of it means $5,000... !! Scott wilson got an allowance of $45,000 in an year.. in the remaining $190,000 leaving out the 60,000$ of the third person..that sums up to $145,000.. allowance is always of 50% to the investment.. therefore his increase is 45,000$ and half of it is 22,500$ the remaining 100,000$ is for the third guys/.. and half of it'zincome's without the capital.. the withdrawl is 25,000$

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